CHICAGO, May 26, 2023 /PRNewswire/ -- Because of rising need for long-range, low-power connectivity, developing infrastructure, technology integration, standardisation efforts, and widespread acceptance, the LoRa and LoRaWAN IoT industry has a bright future. Growth will be further fuelled and various IoT applications across industries enabled by ongoing innovation and cost reduction.

The LoRa and LoRaWAN IoT Market is estimated at USD 5.6 billion in 2023 and is projected to reach USD 25.5 billion by 2028, at a CAGR of 35.3% from 2023 to 2028, according to a new report by MarketsandMarkets™.  Governments collaborate with private organizations, research institutions, and industry associations to develop IoT ecosystems and drive innovation. These partnerships often involve joint projects, knowledge sharing, and the establishment of testbeds and pilot programs. Governments foster the development and adoption of LoRa and LoRaWAN IoT solutions by actively engaging with the private sector across different industries.

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Scope of the Report

By application, Industrial IoT applications are estimated to account for the largest market share in 2023.

LoRa and LoRaWAN IoT technologies have transformed industrial IoT (IIoT) applications by enabling long-range wireless communication in industrial settings. These technologies are crucial in enhancing operational efficiency, productivity, and safety. LoRa and LoRaWAN facilitate remote asset monitoring, where sensors equipped with LoRa technology collect data on various parameters, optimizing maintenance schedules and minimizing downtime. They also support predictive maintenance strategies by continuously monitoring equipment conditions and detecting potential failures in real time. Additionally, LoRaWAN enables wireless communication between industrial sensors and control systems, allowing for automation and remote control of equipment and processes. Overall, adopting LoRa and LoRaWAN in IIoT has revolutionized industrial operations, leading to improved efficiency, optimized maintenance, and increased safety in industrial sectors.

Managed services are expected to register the fastest growth rate during the forecast period.

Managed services are considered crucial, as they directly relate to customer experience. These services help sustain their positions in the market. LoRaWAN IoT managed services refer to the outsourced management of LoRaWAN IoT devices and networks by a third-party service provider. Managed services enable organizations to reduce the burden of managing their IoT networks in-house and can provide access to expertise and resources that may not be available internally. Additionally, managed services can offer scalability and flexibility, allowing organizations to easily adjust their IoT networks to meet changing demands of the end users.

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Asia Pacific is likely to emerge as the fastest-growing market during the forecast period

It is expected to witness the highest CAGR during the forecast period. China has witnessed immense industrial growth and is the world's manufacturing capital. Government initiatives to promote the digital infrastructure are also driving the adoption of LoRa and LoRaWAN IoT in the region. Asia Pacific is known for its vibrant technology ecosystem and innovation hubs. The region is home to numerous startups, technology providers, research institutions, and accelerators actively developing and implementing IoT solutions based on LoRa and LoRaWAN technology. Industry collaboration among network operators, technology providers, and solution developers drives interoperability and standardization efforts, facilitating seamless integration and scalability of LoRa and LoRaWAN IoT solutions in the region.

Top Key Companies in LoRa and LoRaWAN IoT Market:

The major vendors covered in the LoRa and LoRaWAN IoT Market include Cisco (US), NEC Corporation (Japan), Tata Communications (India), Semtech (US), Orange SA (France), Advantech (Taiwan), Comcast (US), AWS (US), Bosch (Germany), Murata (Japan), Laird Connectivity (US), Kerlink (France), Senet (US), Actility (France), Sensoterra (Netherlands), DIGI International (US), Nwave Technologies (UK), RAKwireless (China), thethings.io (Spain), Datacake (Germany), MultiTech (US), Milesight (China), LORAIOT (Switzerland), Exosite (US), and OrbiWise (Switzerland).

Recent Developments

• In January 2023, Sierra Wireless and Orange entered a partnership to provide enhanced connectivity to its users and bolster Smart Connectivity services.
• In January 2023, Comcast and Toto deployed its Machine Q platform to install IOT products in smart restroom across high-traffic public restroom.
• In November 2022, Semtech entered a strategic agreement with Amazon Web Services (AWS) to license its LoRa Cloud global navigation satellite system (GNSS) geolocation services.

LoRa and LoRaWAN IoT Market Advantages:

• Long-range wireless communication is made possible by LoRa, allowing devices to send data across distances of up to 10 kilometres in rural areas and several kilometres in urban areas. Applications that demand broad coverage, such smart cities, agriculture, and industrial monitoring, benefit most from this increased range.
• LoRa devices are made to consume less power, extending the lifespan of IoT devices that run on batteries. Optimised modulation methods and effective radio spectrum utilisation are used to accomplish this low power usage. It enables the deployment of IoT systems in remote or inaccessible sites with constrained or impractical power supplies.
• Large-scale IoT networks can be developed using LoRaWAN, a protocol that is based on LoRa. There is a central gateway that many end devices communicate with using a star-of-stars network design. With this architecture, adding additional devices to the network is simple and doesn't require major infrastructure changes.
• In comparison to other IoT connectivity choices, the installation of LoRaWAN networks requires the least amount of infrastructure. Because LoRa gateways can cover broad areas, fewer gateways are needed, which lowers the cost. This makes it an affordable option, especially for extensive IoT deployments.
• To guarantee the secrecy, integrity, and validity of transmitted data, LoRaWAN includes a number of security measures. Data transmission is protected by AES-128 encryption, and mutual authentication between end devices and the network is supported. IoT applications are shielded from unauthorised access and data breaches thanks to these security measures.

Report Objectives

• To determine and forecast the global LoRa and LoRaWAN IoT Market by offering (hardware, platforms, and services), application, end user, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
• To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA).
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the LoRa and LoRaWAN IoT Market.
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall LoRa and LoRaWAN IoT Market.
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the LoRa and LoRaWAN IoT Market.
• To profile the key market players; provide a comparative analysis on the basis of business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market.
• In the market, track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.

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